- The House passed three major crypto bills, including the GENIUS Act, with strong margins, and Trump will sign the stablecoin legislation tomorrow at 2:30 p.m. EST.
- The bills create comprehensive regulations for stablecoins, define SEC and CFTC roles, and prevent the Federal Reserve from issuing a central bank digital currency.
- After the votes, Bitcoin broke above $120,000, and XRP also surged as the crypto industry celebrates this regulatory breakthrough after years of uncertainty.
The U.S. House of Representatives has delivered a massive victory for the crypto industry by passing three major cryptocurrency bills during Crypto Week. The GENIUS Act will become the first major legislation for the industry, while the CLARITY and Anti-CBDC Acts could follow shortly.
Three Bills Pass After Marathon Debate
The House voted in favor of all three crypto bills following over three hours of intense floor debate. This marks a milestone for the crypto industry, which could receive two major legislations quickly after years of regulatory uncertainty.
The CLARITY Act passed with 294 representatives voting in favor and 134 against. The GENIUS Act achieved an even higher margin, with 308 voting in favor and 122 opposing the bill. The Anti-CBDC Act saw a closer vote, with 219 representatives supporting and 210 opposing the legislation.
The passage came just one day after representatives passed a procedural vote in favor of the bills. This was a hard-fought victory considering the procedural vote lasted almost ten hours, marking the longest in modern history.
President Trump has scheduled a signing ceremony for the GENIUS Act tomorrow at 2:30 p.m. EST. The president actively participated in Crypto Week, urging representatives to pass the bill quickly and playing a key role in convincing GOP holdouts when the first procedural vote failed.
Trump declared that the stablecoin bill puts the U.S. ahead of China and Europe. The GENIUS Act will regulate stablecoin issuers, including Tether, Circle, and Ripple, ensuring they maintain accurate reserves for these digital currencies.
The stablecoin bill will now head to the White House for Trump to sign into law. Meanwhile, the CLARITY and Anti-CBDC Acts will proceed to the Senate for consideration.
Comprehensive Regulatory Framework
The CLARITY Act provides broader regulatory scope, spelling out the roles of regulators such as the SEC and CFTC toward the crypto industry. The legislation introduces rules for crypto firms and outlines which tokens will be classified as securities or commodities.
The Anti-CBDC Act ensures the Federal Reserve lacks the authority to create a Central Bank Digital Currency. This addresses concerns about government overreach in digital currency creation.
Crypto prices have reacted positively to the news of these three crypto bills passing in the House. Bitcoin has broken above the psychological $120,000 level and appears positioned to reach new highs.
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